Technology isn’t working
The digital revolution has yet to fulfil its promise of higher productivity and better jobs
If there is a technological revolution ∈ progress, rich economies could be forgiven for wishing it would go away. Workers ∈America, Europe and Japan have been through a difficult few decades. In the 1970s the blistering growth after the second world war vanished ∈ both Europe and America. In the early 1990s Japan joined the slump, entering a prolonged period of economic stagnation. Brief spells of faster growth ∈ intervening years quickly petered out. The rich world is still trying to shakeoff the effects of the 2008 financial crisis. And now the digital economy, far from pushing up wages across the board ∈ response to higher productivity, is keeping them flat for the mass of workers while extravagantly rewarding the most talented ones.
It seems difficult to square this unhappy experience with the extraordinary technological progress during that period, but the same thing has happened before. Most economic historians reckon there was very little improvement ∈ living standards ∈Britain ∈ the century after the first Industrial Revolution. And ∈ the early 20th century, as Victorian inventions such as electric lighting came into their own, productivity growth was every bit as slow as it has been ∈ recent decades.
http://tinyurl.com/lv6rj7b Acesso em: 18.02.2015. Adaptado.
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